Companies & Finance

Dana reaches deal with debt holders over sukuk

Dana Gas has reached an agreement with holders of $700 million of its debt issued as a sukuk and subsequently declared void as un-Islamic
By Staff reporter 11 May 2018 0 30825

Dana Gas has reached an agreement with holders of $700 million of its debt issued as a sukuk and subsequently declared void as un-Islamic, according to a Bloomberg report citing two industry sources.

A committee representing the sukuk holders agreed to an immediate cash payout of $0.20 to the dollar and to combine the rest of the debt into a three-year security, the newswire said.